Adani Ent rally 4% after cabinet nods Lucknow, Ahmedabad airport leasing

Adani Group holds operation, maintenance and development rights for Lucknow, Ahmedabad, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram airports

Adani Enterprises shares gained 4 per cent to quote at Rs 162 on the BSE during the morning trade on Thursday after the Union Cabinet approved Ministry of Civil Aviation’s proposal to privatize three out of six state airports.
 

“The Cabinet chaired by Prime Minister Narendra Modi has approved the proposal for leasing out of three airports viz. Ahmedabad, Lucknow and Mangaluru of Airports Authority of India (AAI) through Public Private Partnership (PPP) to the highest bidder -- Adani Enterprises,” the government said in a statement.
 

Adani group had won rights to operate, maintain and develop six airports in February this year for a lease period of 50 years. The AAI had chosen the winner on the basis of the "per-passenger fee" offered by the bidders.
 

Apart from the three approved yesterday, Adani hold O&M rights for Thiruvananthapuram, Guwahati and Jaipur airports.
 

At 01:53 pm, the scrip was trading at Rs 157 apiece, up 1.13 per cent. In comparison, the benchmark S&P BSE Sensex was up 0.2 per cent. 
 

Since February 25, the day Adani won the rights, Adani Enterprises has rallied 18 per cent. In comparison, the S&P BSE Sensex has gained 10 per cent.